Good morning, ladies and gentlemen. Thank you for holding and welcome to the Just Eat Takeaway.com Q1 2022 trading update. At this moment, all participants are in listen-only mode and after the presentation there will be an opportunity to ask questions. Now I would like to hand over the conference to Mr. Groen. Please go ahead, sir. Thank you, operator. Good morning, everybody, and welcome to this analyst and investor conference call to discuss the first quarter 2022 trading update for Just Eat Takeaway.com. On our corporate website, you can download our press release and the slides for this analyst and investor conference call. Given we published the trading update only, today's presentation regarding the first quarter trading update will be kept brief, after which we will open up the call for your questions. My fellow board members, Brent Wissink and Jörg Gerbig, are also here to answer your questions. Regarding the question and answer session, as a reminder, we have amended the process for our Q&A session to make sure that everyone gets the opportunity to ask her or his question and to avoid marathon sessions. Therefore, we will allow one question from each of the analysts, after which the analyst will be moved back to the end of the queue. If you have sufficient time, you will get the opportunity to ask a second question once everybody has asked their top question. If you could follow me to slide two. After two years of exceptional growth, we maintain the same high level of orders that were processed during the COVID-19 restrictions. In the first quarter of 2022, we processed 264 million orders, roughly flat compared with the same period in 2021. Our Gross Transaction Value or GTV amounted to EUR 7.2 billion in the first quarter of 2022, up 4% compared with the same period of 2021, driven by a higher average transaction value. I'm now on slide three. I also presented this slide during our full year results to draw your attention to the seasonality analysis for our GTV growth rates. We see several reasons for lower GTV growth in the first quarter of this year. First, we experienced higher than normal absolute churn levels in the first half of 2022, driven by the high share of new consumers acquired during the pandemic and more specifically, exactly one year ago. I will further explain this on the next slide. Secondly, the first quarter of 2021 was a record period for Just Eat Takeaway.com in orders and GTV growth due to COVID-19 restrictions and significant investment in the historically underinvested Just Eat markets. This creates a challenging comparison base for the first half of 2022. Third, since the second half of 2021, we increased our focus on profitability and as a result, processed less low value orders. Like you probably recall, our order growth in the second half of 2021 fell short of expectations exactly because of the lack of the usual seasonality in food delivery businesses, where we see the fourth quarter is typically the growth season driven by shorter days and colder weather. However, the first two quarters of 2021 were much stronger than we usually see. This results in challenging year-on-year comparatives in the first and second quarter of 2022, and we therefore anticipate our relative growth rates to pick up in the second half of the year. On slide four, we provide illustrative consumer growth before, during and after the COVID-19 pandemic. Starting on the left side, you see our normal growth in our active consumer base. As a reminder of our cohort model, most of the churn with any cohorts is with new consumers within the first 12 months. The long standing existing consumers hardly churn, which you can see from our cohort charts in the company update presentation, where the orders made by older customer cohorts are stable or even increasing. For the sake of simplicity, we have used an illustrative churn rate of 50% of new consumers of previous years. During the pandemic time, we benefited from a rapidly increasing consumer base in a short period of time, adding many more consumers than normal, resulting in exceptional growth of the active user base. In the transition period, we see the new consumer acquisition back at normal levels, while we are now temporarily experiencing a corresponding higher than normal absolute churn level, despite an actually lower relative churn level of this new consumer group versus pre-pandemic cohorts. As a result, growth in the second quarter of 2022 will remain challenging. However, and this is important, key growth drivers such as average monthly order frequency and returning consumers are expected to remain above pre-pandemic and even above pandemic levels, showing a clear acceleration of the business. Therefore, we believe that we will see growth picking up again as we return to normal in the second half of this year. On slide five, we focus on the growth drivers that have improved above pre-pandemic levels and pandemic levels. From the left upper corner clockwise, you will see that our restaurant partner base continues to increase. The average monthly order frequency of our active consumer base is much higher than before the pandemic, and consumers also come back more often than before the start of the pandemic. Lastly, the average amount that the consumer spends on our platform per order is increasing, driven by several factors. I would like to reemphasize that inflation is generally a positive development for our company as it is a driver for the average order value, which is the basis for our commissions. Now moving to slide six. We have already made good progress to improve the profitability of our business, and we have further levers to improve. The three main levers are revenue per order, improvements in courier cost per order, and overheads and OpEx. Revenue is driven by increasing average transaction values and optimizing consumer fees and driving new revenue streams. Improvements in delivery are mainly driven by scale and density as well as tech innovation. In our markets, we typically have the leading market position, which brings consumer density. This is important to increase the number of drops our couriers can make per hour and to reduce cost per drop. Continuous enhancements in technology are critical in our industry, and we are implementing enhanced demand management, further optimized order batching and efforts to reduce waiting times for our couriers. Overheads and OpEx will be improved by automation and economies of scale. There's considerable operating leverage as we continue to increase volumes and revenues. Next, slide seven. We update our guidance. We focus on improving profitability in 2022. GTV to grow by mid-single digit year-on-year in 2022. Now, this was previously mid-teens. 2022 adjusted EBITDA margin in the range of -0.5% to -0.7% of GTV from previously -0.6% to -0.8%. I will continue with the conclusion of this presentation on slide eight. We maintained the high level of orders that were processed during the COVID-19 restrictions in the first quarter of last year. Enhancing profitability is one of our highest priorities for this year. We continue to strengthen our on-demand grocery delivery proposition with significant progress achieved in the period, including new partnerships with Central England Co-operative in the U.K., Albert Heijn in the Netherlands. Progression also continues in Canada with a total of 11 Skip Express Lanes now in operation. You've seen, of course, our bigger international deal with McDonald's. We update our guidance with focus on improving profitability in 2022, and we expect profitability to gradually improve throughout the year and to return to positive adjusted EBITDA for the full year 2023. Finally, we are currently, together with our advisors, actively exploring the introduction of a strategic partner into and/or the partial or full sale of Grubhub. With that operator, I'd like to open the call for your questions. Yes, thank you. Ladies and gentlemen, we will start the question and answer session now. If you have a question or remark, please press star one on your telephone. As a reminder, please limit your questions to one at a time. Go ahead. The first question is from Mr. Andrew Ross, BNP. Your line is open. Please go ahead, sir. Good morning, Jitse and team. Just one, obviously. Just come back to the profit change. Could you just pull out the sort of one big driver that's meant that you're now in a sort of slightly lower loss range? Thank you very much. Thanks for that question. There's actually quite a few drivers. We've been very focused on profitability, and we started this process, let's say August last year. There's a couple of things that we're looking at. First, there's obviously we came from a pandemic in which everything grew, and therefore all the investments that we made made perfect sense in that light. Now, of course, then when that growth is not there anymore because you're out of a pandemic, then you need to adjust the spending accordingly. There's a couple of places in which we arguably would spend too much if you would compare that with a level in a pandemic. There's focus in terms of where our investments are most useful. If you look at our business, we expanded the logistical business tremendously during the pandemic. Also, if you compare still the growth of our logistics with the growth that other players have in our markets, then actually our logistics is growing quite fast still. It is important, however, that we increase the efficiency of our logistics, which is difficult in a pandemic because we're just growing very fast. We gave you the example of the 700% growth in the U.K., so then it's difficult to optimize. We're doing quite some work on the algorithms that we have. We've talked about previously about the deal that we closed with McDonald's that allows us to pool McDonald's orders. That's actually very significant. I'm not sure everybody knows this, but on the continent for our Scoober model, we have been pooling for quite some time, but we could not include McDonald's, which is of course an important component of our orders. If you look at the freelance model that we have, for instance, in Canada or the U.K. for a large part, we do not pool at all, and that's something we're rolling out right now, and what I mean at all is not for any restaurant. Obviously also there we have the possibility now to pool including McDonald's. Let me try to explain to you why this is so important. Obviously food delivery is a peak business. Although we always process a lot of orders, in order for us to pool orders, we actually need a single restaurant to receive two orders that are roughly in the same direction. Because obviously, you know, the food needs to be warm on arrival, so we can't just, you know, spend 10 or 20 minutes after the first order to deliver the rest of the food. So it's very important for us to combine these orders, and you can actually only do it if you have a lot of orders for a single restaurant, because we don't want to drop by multiple restaurants because then certainly the food would get cold. So we only want to pool going from one single restaurant. Now, in the case of McDonald's, quite easy, I think, for everybody to see that McDonald's has enough volume to pool a lot of orders, and the same applies to very popular restaurants. For most restaurants, this is only true at peak times. This is important because when do we need to staff most is at peak times. Actually, it allows us to staff actually quite some less people at peak, which can be good in a situation in which we have a courier shortage. It can be good in a situation in which we want to expand our opening hours. We can give you the example of a city like Berlin. We have significantly expanded the opening hours in order for our users to, for instance, also order breakfast and order something in the middle of the night. We actually lowered delivery fees in Berlin. It helps us just optimize the network quite a bit. It's a lengthy answer, but we're doing quite a number of things to improve our EBITDA. Just to conclude also, what I want to also point out is that there's still a lot of automation we can achieve in some parts of our business. Take the customer services. Sometimes a lot of repetitive tasks that we can do quicker if you use the right software. Okay, great. Thank you very much. Thank you. The next question is from Mr. Joe Barnet, Credit Suisse. Yo ur line is open. Please go ahead, sir. Excellent. Thank you. I'm just going to ask, I think, a direct question. There was an article last week stating you no longer had active negotiations with regards Grubhub. You previously had stated that you did. Can you just confirm that you do have active negotiations over a partial or full sale of Grubhub ongoing? Any other further color that you can give with regards to process or, in fact, with regards to Grubhub's current performance, that would be helpful. Thank you. Yeah. I can confirm that we have discussions around Grubhub. I'm not going to tell you, obviously, with whom and what the intent of the exercise is, but we have active discussions. Otherwise, we would not have put that in the press release. Regarding the performance of Grubhub, as we know, Grubhub has lost market share in parts of the U.S., which is something that we don't like. We do see encouraging signals in city centers. Actually, a lot of the work that the team has been doing has been good and has actually improved a couple of things. We're also still working quite actively on trying to remove the fee caps in the U.S.. I think that's all I can say about it. Thank you. The next question is from Miss Miriam Josiah, Morgan Stanley. Your line is open. Please go ahead. Good morning, everyone. My question is just on the U.K. and your strategy there. What should we sort of take as the change in guidance? What does that change about your U.K. strategy? Will you be investing less, particularly in London than you expected at the start of the year? Obviously, you are growing a bit slower than your closest peer, so are you essentially willing to cede some market share there to focus on profitability? Thanks. Thank you. It's a good question. As you probably can see by looking at our data, actually, the quality of our revenue in the U.K. has increased quite a bit. You should not read into us improving the quality of our business and focusing on areas in which we feel that the investments make more sense outside of the pandemic, as that we will decrease our investments in the U.K. That's not correct. What is correct, that we are perfectly willing to sacrifice the low-value orders because, you know, let's face it, they're not profitable in return of EBITDA also in the U.K. It does not mean that we're going to decrease advertisement spending. We have a new spot upcoming that I'm quite excited about. You will see that a lot in the U.K.. Great. Thank you. Maybe to add on that, also on the supply side, we're making good progress here. We just closed, for example, Caffè Nero with a few hundred stores, which will be rolled out, and a couple of other important supply-side chains also with regards to the London area. Also on the grocery side, we announced Asda, Co-op, and a few others already. We're doing some more work and there will be more coming on that end. U.K. will stay one of our big focus areas going forward. Great. Thank you. The next question is from Mr. William Woods, Bernstein. Your line is open. Please go ahead, sir. Hi there. Just wondered if you could comment on the performance of the marketplace business versus delivery this quarter. I noticed you've taken out some of the disclosure on that. I suppose within that question, has most of the increased churn been on the new delivery customers that you acquired last year rather than kind of marketplace customers? Thank you. Thank you. The thing I can say about it is that logistics is still outgrowing marketplace, so that's still the case. It's the difference is far less than what it was during the pandemic. It's also logical because in most countries, we did not have any logistics, so especially, of course, the Just Eat countries. If you ask us about churn, we do not distinguish between customers. Our customers order with both marketplace and delivery restaurants. We don't mark restaurants so that people would be able to tell whether it's marketplace or delivery. I think it's also important to understand that the 20+ million new customers that we added are new customers, and the biggest drop, Jörg is better at explaining this. I'll hand over to Jörg after I give it a go. The biggest drop is between order one and order two. If people do not place a second order within a considerable amount of time, then they are likely to churn. Actually, this is also why if you look at the comparison between this year and last year, that if you get just disproportionately a lot of new customers, even though their behavior is actually better than the older cohorts, then you have just a larger absolute amount. Maybe I hand over to Jörg as well. All right. Thank you. We try to illustrate that in the analyst presentation on slide four. As a reminder, if you look at our cohort chart in the company update presentations, you always see that the older cohorts, actually even on an order base, continuing to stay stable or even growing. That basically also indicates to you that most of the churn is in the newer customer cohorts, so basically within the first 12 months. If you look at that slide in the analyst presentation on page four, you see a normal year where we're having, let's say, 20 new customers for illustrative purposes, and the churn is 10. You actually have an active customer base, which is growing. In a pandemic time, we're really increasing that new customer to a number, let's say double of the original number. The churn, as I said, is mainly coming from the new customers you added, let's say in the last 12-18 months. That churn stayed at 10%, because we had 20% of new customers, and we showed an illustrative churn number of 50% of new customers of previous year. You actually even increased your customer base stronger in the pandemic time, and now we're basically in a transition period, where the churn has gone up in absolute terms. In relative terms, actually it stayed. Actually, even the customers who got through the pandemic time, they're actually even better cohorts because, it's kind of logical. In the pandemic times, you did your second and third order faster after the first order, so you're actually more likely to stay and not churn, and therefore the churn is actually better. For illustrative purposes, we also assumed a 50% churn of new customers, which in absolute terms then actually get your churn to a number of 20 because you acquired 40 new customers in the pandemic time. The new customer number is basically back to the 20 number. Basically your active customer base stays stable. At some point, this situation will turn back to normal because your churn will also decrease again because your new customer number went down, and then you're getting back to normal situation, which you see back on the right-hand side of page four. That's how we see that cycle here. We're currently in that transition period, as it was mentioned before. Great. Thank you. Thanks. The next question is from Mr. Rob Joyce, Goldman Sachs. Your line is open. Hey, thanks very much. One very quick follow-up and then my question. I guess, Jörg, just to follow up on that, when do you expect to be out of that transition period? Is it sort of, I think you may have said May this year previously is when that peaked. And then the main question is just, it's on profitability. I think, I hear what you're saying about maintaining investment in the U.K., but I think, you do mention the word profitability quite a bit in the release, and you've removed the references to targeting market share, ahead of EBITDA. Is it fair to say there is a sort of evolution in the thinking now to targeting profitable growth? And are you seeing any signs of that from your competitors, in the rest of your markets? Thanks very much. Thanks. I'll take the second question first regarding the market share. Obviously, we want to gain as much market share as we can, but we've made comments about the quality of other people's market share in the past regarding the use of vouchers, accounting, white label orders, and that sort of thing. You need to take that into consideration when you're looking at the U.K. because especially there, it's quite a big chunk sometimes of orders of certain other people. We always want to run a profitable business. We also wanted to do that during the pandemic, but obviously, during the pandemic, there were a couple of things going on for us. Well, first off, there was a pandemic. Second, we were building up a very large logistical network in the U.K. Of course, third, we were investing. We actually changed the investment profile of the Just Eat U.K. business because we felt it was under-invested. Now, probably if you live in the U.K., you probably by now think we're over-investing in the U.K. because you see us a lot, but we think it's necessary to actually build share there. We are now in a different environment, of course, in which for every player, it will be very difficult to build up further share and also in a situation in which it will be very expensive for our competitors to keep on investing in vouchers and that sort of thing. Our competitors, of course must need to become profitable at the same time. The U.K. is, however, very important to us, so we'll keep those investments at a high level. The profitability in the U.K. for us is much more a question of improving the logistical operation and not reducing marketing influence. I think you should not expect that from us, at least not to a big extent. It's mostly investment in technology. We have introduced actually pooling, for instance, in London by now, so that increases the efficiency of the logistical network in London overnight. Doing a lot of that sort of work. You will see us announce some more restaurant additions, some more grocery chain additions in the U.K. as well. We're doing a lot of work still in the U.K., and it's not one of the countries in which we would invest too much less. I think you need to think of other countries if you're talking about that. Now, you asked us in your first question when we feel that the balance between, let's say, the churn of these COVID customers and the new customer addition, when that corrects itself. Actually, we found a one-on-one correlation between how many customers we've added last year versus the churn on those customers this year, which is also logical, right? It seems to indicate that we should be out of this period around August, September. But again, you know, it's not an exact science. We've been surprised before by the pandemic or the lack of the pandemic or any variant of the two. But if we analyze the data and it's logical, as Jörg also explained on that slide four, last year in August, September, we were not adding the same amount of new customers as, for instance, in May when we had lockdowns in most places, and therefore, also the absolute churn on those customers is going to be much lower because, yeah, there's simply less new customers the year before. It will be easier for the new customers to compensate. If you look at new customer levels, we're going back to levels that we had before the pandemic, maybe a little bit higher. We see that evens out to a normal situation. Again, it's not exact science. Our best guess is now August, September. Okay. Thank you. Anything on the profitability behavior of your competitors? Are they doing similar things to yourselves? We do see price increases on the restaurants. We do see that. On the restaurant side, on the commission side? No, no. Sorry, on the consumer side, on the delivery fees, service fees, et cetera. I'm sure you guys monitor all of them, so you probably know better than we do. There have been changes in price. Thanks very much. The next question is from Mr. Giles Thorne with Jefferies. Your line is open. Please go ahead, sir. Thank you. I'm just trying to isolate exactly what's changed between today and October last year when you first gave the 2022 guidance. Forgive the slightly long question, but you called out today higher churn as the primary reason for the lower GTV growth. That relative churn in the pandemic cohort is lower than pre-pandemic cohort. You would have known with pretty high accuracy the likely existing user behavior on frequency. The variable that remains, you know, that delivers 2022 GTV is new customer acquisition. You've been, again, quite clear today about not pursuing lower value orders and that type of thing. I'd be interested to dig in once again into exactly, Jitse, in your head, what changed that, you know, what changed so that you could hold back on new customer acquisition in 2022 and hence the lower GTV growth this year? Forgive me, it's touching on things you've already said, but I think this is a pretty important point. I think that's a fair question, actually. Look, we can model, and actually we've. Let me be quite straight with you, how we actually struggled during the pandemic to model our business because we can actually model the business quite well in a normal situation. For us to model the behavior of customers is easy because, you know, you have your existing customer base, you have your cohort data, so you should be able to calculate what these customers are going to do. New customers, that's the same. Now, obviously, there has been quite a fluctuation in new customer acquisition. You also mentioned the only variable that's unknown is the new customer acquisition, and that's exactly right. That's the most difficult thing, we found also during the pandemic to model. There's a couple of other things, of course, also. It's very difficult to model, for instance, what the churn of a certain cohort group is going to be. Now, obviously in hindsight, because this is something that you can do, in hindsight, you can see indeed that there's a correlation between two things. It's very difficult to do when that correlation hasn't materialized yet. We have the new customer additions that I think are an unknown, although we now see, you know, because we have the data, we see that it normalizes to a normal level. We recognize that pattern because obviously that pattern has been around for the last 22 years. That's easy to model now. It wasn't before. At the same time also, the churn levels. Actually, you see the chart, I think on slide five, and you see where it's going. You also see, for instance, that the average monthly order frequency, it went up, but it's also flattening. Understood. Right? It's not that you can just. You can look at it now and you can say, "Hey, this is, you know, it went in the direction of travel and, you know, now it's flattening." Okay, but it could also have increased further, right? That sort of thing is very difficult to model. In hindsight, I can explain everything. I mean, that's easy. Looking in the future, it is always more difficult. Well, thank you. Thank Thank you very much. Thanks. The next question is from Miss Monique Pollard, Citi. Your line is open, please go ahead. Hi. Morning, everyone. Thanks for taking my question. I just wanted to revisit some of the commentary on the U.K., because particularly when I look at the U.K. and your average transaction value in the U.K. up 6% in the first quarter, and even if I strip out FX, looks to be up about 2%, you know, versus your competitors in Deliveroo with their average transaction value in the U.K. down 7% in the first quarter. I'm just trying to understand, you know, what's driving that difference. You know, is it that your grocery business is increasing faster from a smaller base? Is it all the work you've been doing around removing non-profitable orders? Or do you think there's something else going on in terms of, you know, your vouchering approach in the U.K. versus theirs? I would say that in a normal situation, order growth and GTV growth should be the same, or GTV should outgrow order growth because you can increase your delivery fees. We've obviously done work on the ticket size in the U.K., so that's part of the reason why our AOV is increasing. For the rest of the world, including the U.K., inflation is a very clear cause of the ticket sizes to go up. Actually, if you look at the ATV graph on slide five, you see a bump in April 2020, which is essentially, oh, we're all locked down, and we need food. Therefore, the ticket sizes are bigger because people eat with their families. We also have office orders, of course, but if offices are closed, we don't have office orders anymore. That's why the ATV went up back then. Now it's a very direct correlation with menu prices, because obviously we see the menu prices and they're higher. Restaurants are increasing the food prices, and that's why the ticket size go up. I cannot explain to you why that would be different with other players. Two things can have an influence. One is vouchering and one is white label, because obviously on white label, I'm not sure how exactly the GTV is counted, but maybe the GTV is not counted. I don't know. Right? That could be an explanation. In the case of vouchers, that would create orders and it would also create GTV. It would not create revenue because you would have to deduct it from your revenue. On white label, there was actually specific commentary of one of our competitors that they actually are seeing that as one of their biggest growth drivers and the key focus area. It could well be one of the topics here. Understood. Sorry, just to follow up. I guess as we go through the year, if I look at the chart on slide five, the ATV does ramp in the second half, but at the same time you're gonna have inflation picking up in the second half as well. I guess we can expect a continuation of positive ATV trends through the year. You're now asking me an interest rates question. I'm not sure. I'm not sure whether I'm the best person to ask that to. We do not think that this trend will reverse too soon, but that's more related to general inflation and not per se to how we feel about it. Understood. Thank you. The next question is from Mr. Piotr Szulc, Bloomberg. Your line is open. Please go ahead, sir. Thanks very much. I was just looking for any update on the fee cap appeal in New York. Is there any timeframe that you can provide? Also just how a sales process works given the uncertainty with the fee cap process. Thank you. First off, we're doing everything we can to get rid of the fee caps. We now have the support of the U.S. Chamber of Commerce, which is a good thing, we believe. On timing, very difficult to tell because it depends on who's going to get rid of the fee caps, whether that's a court or whether that's a government. Regarding the sales process, well, the fee caps are costing us close to EUR 200 million annually, EBITDA, so not even revenue, EBITDA. Therefore, yeah, that has a big impact on price, I would say. Okay, thank you. The next question is from Mr. Wim Gille, ABN AMRO-ODDO BHF. Your line is open. This is Wim Gille from ABN AMRO. Although I have a very simple question on the outlook for GTV because you're now forecasting a mid-single digit growth for GTV for this year. Meanwhile, on slide three, you also indicate that growth should be high in the second half versus the first half. If I look at the first quarter, we're already at 4% growth, which is kind of roughly in line with the full year outlook. How should I think about this? Is Q2 gonna be horrible, or are you just being conservative here? Well, the honest answer is we need to be a bit conservative because we don't quite know what Q2 will do. We know that May last year was one of our peaks in new user additions, so that could signal a continuation basically of what we see in Q1 and Q2, and it's also what we are expecting, which you can see in slide three. At the same time, of course, we'll try to do better. That's the intent of the exercise. Given where we are with this trend, it's again very difficult to model for us what will happen. We also don't quite know what the weather will be, of course, in Q2, so it's very difficult for us at this point. We'll let us have it stay at where we got it from. Thank you. The next question is from Mr. Andrew Porteous, HSBC. Your line is open. Yeah. Hi, guys. Most of mine have been answered. I guess one if I may. Anything, you know, prompting the sort of lower GTV growth guidance by geography? Is there any sort of patterns you've seen and perhaps some of the dynamics you've talked about in terms of churn? Are they more pronounced in any given markets, or is that a fairly broad base? The positive outliers would be Canada and Germany. They're doing very well, relatively, of course, if you look at the growth number. Generally, I think in the markets in which we are very strong, we have less of this headwind. That's also quite logical if you think about it, because we would be in a better position to add a lot of new customers still. Again, this is a balance between new customer and the absolute churn of the customers that we added last year. I think if you look at all of our businesses, that's roughly how things have trended. The next question is from Mr. Saim Khalid, UBS. Your line is open. Please go ahead, sir. Yeah. Hi, good morning. Something you referred to, the pooling, a few times as you go. If I can just have a few brief follow-ups on that, please. I think firstly, can you talk to the ability to pool and how quickly you can flick that switch in the U.K., for example, in terms of technology? I guess building from there, what proportion of your orders are currently pooled, either in the U.K. or Europe, if you know, share any insights on how you see that develop? I think the last point there is, I think in the previous calls, you've referred to potentially up to EUR 1 of improvement in EBITDA once you commence pooling. Do you still feel as you've started the process, you've said, is that still feels like the right size of potential improvement in EBITDA? Thank you. Thank you. Can you tell me, you mentioned a number, I think, in the last question. The down- About the euro per order improvement once you commence pooling, 100 cents, I think something you actually mentioned. Let me first answer the question where we have pooling roughly activated now. The Scoober area, so all the area in which we employ our staff and we actually have a bigger benefit in the employed model because obviously we employ our staff. You know, the more orders that they can deliver, the better because we pay them anyhow. By the hour, right? Yeah, by the hour. Exactly. There, we have it activated in the entire area. Not for McDonald's everywhere, because McDonald's needs to make a couple of system changes to be able to handle it. For instance, in the U.K., in cities like London, we have pooling now activated for both McDonald's and the rest of the restaurants. There already we are pooling quite a bit of orders. I can't disclose the number with you, but actually we're quite optimistic about the amount of orders that we can pool. Again, it's important to understand that it's easier to pool when you have a restaurant that has a lot of orders, especially of course during peak. Just generally, that makes it easier to do that. I can also reference Domino's, and I'm sure you're aware of how Domino's operates. One of the reasons why they're quite efficient with their logistics is because they pool a lot, and they pool in. They actually have made it their specialism to pool in certain directions and to not drive too far with that food as well, because obviously the food would get cold. Regarding that EBITDA improvements, Jörg, you want to comment on that? Yeah, I mean, I'll leave that up to you to do the calculation, but in the end you can make a certain assumption about pooling what percentage of orders can be pooled, maybe at some stage if you probably think about a magnitude of, let's say 15%, 20%. Then depending on what model you use, a freelance model or an employed model, the savings are higher, as Jitse was alluding to. In an employed model case, you still don't save the entire order, so to say, because you still need to pay for certain maintenance and mileage costs and so on. Like, you obviously save quite some more, while in the case of a freelance model, you probably assume more like a saving of, let's say something like 30% plus per order, per second order, which you're saving. That probably gives you some sort of indication which direction the savings are going. Thank you. The next question is from Mr. Rob Joyce, Goldman Sachs. Your line is open. Yeah, sorry for getting back in the line, but just a quick one. Just in terms of the overall consumer environment, are you seeing anything within your business that's making you know, the consumer is trading down? Is there any weakness in any geographies you'd pull out there? Thank you. No, not really. I mean, if you look at the. We've talked about this before. Look, I mean, in the end, I think this is general comment about food delivery. We are at about we have one-third of the U.K. population as a customer, 40% of the Dutch population, 20% of the German population. We intend to get that to around 70%-80% of the population. That's where we want to go. Now, whether we will achieve it or not, that's a different question, but that's the direction of travel. The things that we're looking at are, you know, is the order frequency going up? Is the returning active consumers going up? Because that's actually also quite important. As long as those things are trending in the right direction, you are moving with your, let's say, the quality of your revenue in the right direction. Now, these things are more difficult when you're not the number one in the country, or when you're small and when you don't have the network effects. When you do have the network effects, these things are, you know, this is also, I just mentioned Germany. Germany is doing so well because, you know, we have the network. We are adding more new customers than anybody else. We're just continuing our growth, adding services to what we're doing. Therefore, as long as those things are moving in the right direction, the business is moving in the right direction. Now, that having said, we're not in that state everywhere, so that's something that we need to work on in places in which we are weaker. In the countries in which we were already strong, we're just much stronger than before the pandemic, and I think more importantly, it's going to be much more difficult for our competition to grow outside of a pandemic. That's also quite a good situation for us to be in. No, we don't see anything that we don't see. Because I think some people were expecting food delivery to implode after the pandemic. That's certainly not what we're seeing. Okay. Thank you. Thanks. There are no further questions, Mr. Groen. Please continue. All right. Thank you very much, operator. I would like to round up this analyst and investor call by thanking you for participating and for your questions. Should you have any additional questions or remarks, please reach out to our investor relations team. Thank you. Ladies and gentlemen, this concludes the event call. You may now disconnect your line. Thank you for joining, and have a very nice day.